Managing Director, Guinea Insurance, Mr. Soji Emiola Guinea Insurance office
Guinea Insurance Plc has stated its readiness to enshrine good corporate governance to ensure continued profitability of the organisation.
To this end, the non-life risk insurer has engaged the services of Akintola Williams Deloitte to help in the restructuring of its operations with a view to aligning with the international best practice.
The Managing Director of the company, Mr. Soji Emiola made this known in a statement in Lagos.
“The board and management of Guinea Insurance Plc are determined to institutionalise a global best practice risk management framework that aligns to its business strategy and it consistent with the business philosophy.
“In achieving the above objective, Akintola Williams Deloitte has been engaged to develop a risk management framework that addresses the full spectrum of risks faced by the company. The implementation of the framework will be internalised such that it will align with our strategy, values, attitudes and shared beliefs across the company and this will result in profit for the shareholders,” he said.
Emiola also stated the commitment of the board and management of the company to this initiative.
“We are confident and more importantly committed to ensuring that effective risk management framework is implemented to mitigate any going concern threat and uncertainties so as to achieve sustainable growth and profitability through continuous improvement in our operations and processes,” he said.
He recalled that the concept of Enterprise Risk Management (ERM) framework had become a tool for business survival and a benchmark for measuring operational efficiency as well as enhancing profitability of any entity.
The pursuit of such initiatives, according to him, should be consistent with a genuine desire to embed sustainable practices towards preserving the value of an entity.
Before now, the company said it was determined to rise to rank among the first 10 companies in the country insurance industry.
“We are committed to rising to rank among the first ten in the industry essentially in terms of profitability. We try to grow the top line but what investors want is profit and this will have one of the greatest impact on the company’s share price. We want to grow the business too but we want to grow profitability more,” Emiola said.